Tempe – Wood Partners in Marietta, Ga. (Leonard Wood, principal) plans to develop a 296-unit apartment complex just east of the Arizona State University campus in Tempe. The 7.1-acre parcel is just south of the ASU Karsten Golf Course at the northwest corner of University Drive and Dorsey Lane. Sources say Wood Partners will pay roughly $7 million to buy the site later this year after zoning is complete. The seller is St. Paul Fire and Marine Insurance Co. in St. Paul, Minn. Michael Lieb of Michael A. Lieb Ltd. in Phoenix is brokering the sale. Wood Partners is looking at a fourth quarter construction start. That will allow for an opening by third quarter 2014. Wood Partners to oversee construction. The four-story project is being called The Residences at University Center. The Tempe apartments will be the sixth multi-family development completed by Wood Partners in the Valley. Continue reading
As reported in:
